In this Issue:

What happens to committee claims when a case is converted from a chapter 11 case to a chapter 7 case? 

• Equitable mootness: alive and well in the third circuit
• Buyer beware: anti-assignment clauses enforceable under Delaware law
• Bankruptcy court finds substantive consolidation of non-debtors not an available remedy in seventh circuit
• A creditor is allowed to be “selfish” when purchasing claims to block a plan, despite unfair results to other creditors. This selfishness, however, cannot be coupled with an improper ulterior motive.
• The importance of a good sale order
• Connecticut bankruptcy court sides with seventh circuit in circuit split regarding rejection of trademark licenses and application of section 365(g) of the bankruptcy code
• Price at auction establishes value of assets
• Detail and transparency are necessary elements of an adequate disclosure statement and confirmable plan of reorganization.
• Statutory tenants’ rights under New York loft law prevail against proposed § 363(f) sale
• You’re not fired: united states trustee’s objection to retention of management consultants falls flat
• Eighth Circuit BAP affirms dismissal of trustee’s adversary case based on finality of sale order
• Bankruptcy court order approving free and clear sale of assets not necessarily impediment to equitable relief sought in state court against purchaser
• Counsel’s Corner: News from Reed Smith

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